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Friday, October 28, 2016

Mitt Romney’s math still doesn’t add up.

The Republican nominee for president’s proposed new tax breaks would cost $294 billion in their first year, according to a new study by Citizens For Tax Justice. The deductions he’s proposed would only pay for 36 percent of that increase.

Romney has only been clear about which taxes he wants to cut. They include extending the Bush tax breaks for all incomes, eliminating the Estate Tax, repealing the Alternate Minimum Tax and eliminating all taxes on investment income on people earning less than $200,000 a year. In addition he would cut federal taxes on everyone who pays them by 20 percent.

Romney has said “Of course!” the numbers add up, but has refused to name the deductions he would eliminate to make the tax cuts revenue-neutral as he’s promised. In the second debate he suggested that he would set a deduction cap at a fixed number such as $25,000. That would pay for less than half of his cuts. And result in new tax breaks for many rich Americans.

“Eighty-eight percent of the richest one percent would still see a net tax cut and only 10 percent would see a net tax increase from Romney’s new tax proposals,” according to Citizens For Tax Justice.

Romney has promised that he would not cut the share of taxes paid by the rich, but if he’s cutting taxes across the board, the rich will pay a lower amount of taxes.

To pay for these cuts he would either explode the deficit or increase taxes on the middle class up to $4,000 a year.

You can read a PDF of the study here.

Photo credit: AP Photo/David Goldman

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Copyright 2012 The National Memo
  • bcarreiro

    seems more like a 666 plan. cant make a devil out of we.

  • Only “legitimate” citizens would save money this way. He says it’s neutral? That’s his way of saying that, unless you make enough that it’s neutral or a savings, you are not, in his eyes, American!

  • He will bleed the middle class nearly dry!

  • nobsartist

    willard is hiding his tax returns. why would anyone vote for this crook?

  • docb

    Would anyone buy a used car from the snake oil salesman and liar! He hides everything or erases, secrets it, seals it..or OFF-SHORES it! The male with no core! Who does NOT GIVE a damn about most of the people…the 47%, women, senior, soldiers and veterans and children! And people around the World…even Putin thanked romney for his ignorant and reckless remarks!

    When willard said he would gleefully repeal Roe and Romney endorsed Mourdock that sealed it for me….

  • Obama smart to use Clinton–a life of helping others–bj killed him
    show me a better record.
    GDP–rose from 6300 to 11,600
    NATIONAL INCOME-5,000 to 8,000 Billion–took 20 years to grow 2500B before Clinton
    JOBS CREATED–over 22 million–record by far
    AVERAGE WEEKLY HOURS WORKED–never hit 35.0–hit that  mark 4 times in 80’s
    UNEMPLOYMENT–from 7.2% down down down to 3.9%
    WELFARE TO WORK—11,533,710 on federal roll in 1996 and 3,880,321 in 2007.
    MINIMUM WAGE–$4.25 to $5.15
    MINORITIES–did exceedingly well
    HOME OWNERSHIP–hit all time high
    DEFICIT–290 Billion to whoopee a SURPLUS
    DEBT—-+28%—300% increase over prior12 years
    FEDERAL SPENDING–+28%—80% under Reagan- who da true conservative?
    DOW JONES AVERAGE–3,500 to 11,800  all it’s history to get to 3500 and Clinton zooms it
    NASDAQ–700 to 5,000—all of it’s history to get to 700 and Clinton zooms it
    VALUES INDEXES– almost all bad went down–good went up in zoom zoom zoom
    FOREIGN AFFAIRS–Peace on Earth good will toward each other—Mark of a true Christian–what has Bush done to Peace on Earth?
    POPULARITY—highest poll ratings  in history during peacetime in  AFRICA, ASIA AND EUROPE even 98.5% in Moscow–left office with highest gallup rating since it was started in 1920’s.
    STAND UP FOR JUSTICE–evil conservatives spent $110,000,000 on hearings and investigations and caught— ONE— very evil man who took a few plane rides to events.
    BOW YOUR HEADS–Thank you God for sending us a man of Bill Clinton’s character, intelligence, knowledge of governance, ability to face up to crises without whimpering and a great leader of the world.
    other goodies google clarence swinney + clinton vs reagan(wipe out) + 113 clintin=Clinton terrorism + clinton leaders good comments